June 15, 2020
According to the research report titled ‘Global Compounding Pharmacy Market Size study, by Product Type (Oral Medication, Topical Medication, Mouthwashes, Suppositories), by Application (Medication for Adults, Medication for Veterinary, Medication for Children, Medication for Geriatric), by Therapeutic Area (Pain Management, Hormone Replacement Therapy) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global compounding pharmacy market generated revenues worth USD 8056 million in the year 2018 and is predicted to expand with a CAGR of 7.5% during 2019-2026.
For the record, compounding is referred to as the science of developing customized medications for patients. These drugs are developed according to the prescription of the physician, in which various components are mixed simultaneously as per the recommended dosage, strength and form. Compounded medicines further help to reduce the risk of side effects as well as treatments and offers better health outcomes. Moreover, compounding pharmacy enables cost reduction and provides safe access to the treatment while improving the quality of life.
Widespread awareness regarding pharmacies which offer advanced compounding services in order to improve patient safety along with rising popularity of personalized medicines are major factors driving the compounding pharmacy market growth.
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According to The 2017 Revision of World Population Prospect by United Nations, the number of people over 60 years of age is estimated to reach 1.3 billion by the year 2030 from 962 million in 2017. Growing elderly population and increased pervasiveness of chronic conditions are aiding the market expansion. However, development of compounding medicine not only requires a sterile environment but also is capital intensive. In addition to this, lack of skilled physicians may act as restraining factor to the compounding pharmacy market growth.
As per product type, the market is split into suppositories, mouthwashes, topical medication and oral medication. Whereas citing the application spectrum, the industry is divided into medication for geriatric, medication for children, medication for veterinary and mediation for adults. In terms of therapeutic area, compounding pharmacy market is bifurcated into hormone replacement therapy and pain management.
Regionally, North America compounding pharmacy industry is slated to record momentous growth in the subsequent years, primarily due to shortage of FDA approved drugs in the U.S. On the other hand, Asia-Pacific market is expected to grow substantially during the estimated timeframe. High density of baby boomers and increasing pharmaceutical cognizance are swaying the business dynamics in the region.
Lorraine’s Pharmacy, Triangle Compounding Pharmacies, Cantrell Drug Co., Institutional Pharmacy Solutions, PharMEDium Services LLC, Fresenius Kabi AG, Fagron and Central Admixture Pharmacy Services are the top contenders in global compounding pharmacy market.